The Power Of An NFT

NFTs are the key to provenance in a truly trustless, decentralized, digital world.

Proving ownership, showing historical record, and trusting information provided in the digital space has been an incredible challenge for many traditional, centralized industries to overcome. This is where the decentralized nature of public blockchain comes into a world of it’s own.

Many have written about the benefits of blockchain technology to enable the digital world, but I want to talk about NFTs and tokens specifically. Until recently, few understood tokens true potential. With the advent of what are now commonly called ‘non-fungible tokens’, or NFTs, comes a huge wave of understanding of where this technology can go. People are starting to grasp what can be done with tokens and NFTs as a whole, and are pushing the boundaries into the digital and real world.

The first step in truly understanding the power of NFTs was using them to prove ownership over digital artwork. In years previous, proving ownership over someone's digital artwork was challenging and required trust with the creator or the middleman selling the piece.

Along comes decentralized, trustless, blockchain technology. With the advent of ‘coloured coins’ and specific types of smart contracts, a user could create an individual, unique token that represented the ownership over whatever was written into the data on the blockchain ledger. Artists began to allocate ownership over their digital artwork to the holder of the NFT. Although still a difficult concept to grasp for most, more and more people are beginning to realise the potential of where this can go.

Where do I see the power of the NFT?

Well, artists can cut out third party entities like galleries or auction houses that take profits for selling their art. Game developers can give the power to the player by giving them ownership of specific in-game items or visual customizations. Players can be rewarded for collecting and on-selling their in-game items and loot once they no longer require or want it.

Content creators can reach their audience directly through peer-to-peer trading of NFTs that represent the ownership of their digital content. Businesses can pivot toward decentralized solutions and gain access to the cryptocurrency ecosystem through tokenization; arenas/event venues selling digital tickets, car manufacturers tokenizing their vehicles, online education providers using tokens as a key to unlock and access their educational series; the list goes on.

There are still so many use cases to explore and it’s only a matter of time before we see another wave of innovation in this space. Through education and understanding, comes innovation. That’s where Tokel comes into play.

The Tokel platform provides an end-to-end incubation hub for NFT and tokenization projects. We provide information and education to the community through the Tokel Talk podcast, we give creators easy to use tools for any use case they have without exclusion or bias, all while doing so in an inexpensive fashion, without the requirement to know anything about blockchain or smart contract coding. Tokel is on the mission to tokenize the world, one NFT at a time.


by NutellaLicka

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